JPMorgan Chase Bank has agreed to pay penalties of more than $5.26 million to settle over 87 violations of US sanctions, including measures imposed against Iran and Cuba, the US Treasury said.

"The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a $5,263,171 settlement with JPMorgan Chase Bank, N.A., to settle potential civil liability for 87 apparent violations of the Cuban Assets Control Regulations… the Iranian Transactions and Sanctions Regulations… and the Weapons of Mass Destruction Proliferators Sanctions Regulations," the US Treasury Department's Office of Foreign Assets Control (OFAC) said.

OFAC also issued a "Finding of Violation" against the bank in regard to violations of the Foreign Narcotics Kingpin Sanctions Regulations and the Syrian Sanctions Regulations, the release added.

The violations included 85 transactions of more than $46 million, as well as eight accounts on behalf of six customers who were on the list of Specially Designated Nationals, Sputnik reported.

All of the violations in both of these situations were voluntarily self-disclosed by JPMorgan Chase, according to the release.